Mike: re: Greenspan meeting in Jackson Hole with other central bankers
(from Bloomberg)...and policy makers need to learn how to anticipate future panics, which can drive prices below levels that might be reasonably expected, he said....
Led off by Greenspan's speech, participants will discuss WHETHER CENTRAL BANKERS SHOULD TRY TO AFFECT PRICES OF STOCKS, real estate and other assets, to prevent the formation of "bubbles", which cause calamity when they burst.
Greenspan commented on accounting issues, e.g. stock options as compensation are creating problems in reporting earnings.
Even so, he suggested it was "reasonable to surmise" that reported earnings are probably UNDERSTATED because of the way companies account for software embedded in capital equipment.
Great, so now we have AG to count on when we want to establish fair value for our investments, and, God forbid, if we become too exuberant
and pay too much, or too depressed, and pay too little, Al will use monetary policy and endless jawboning speeches to right the ship.
Welcome to the brave new world of financial asset engineering.
I will vote for any politician who guarantees this ego-maniac gets retired. His act is growing tiresome, but I suppose he's a big hit at DC cocktail parties, with the congressional toadies falling over themselves to kiss his ring.
Rant completed
Thank you
James
EDIT: QCOM at 184 is at near term support; maybe I'll thank AG later for the Q I bought today<ggggg> |
